The blog will be taking a well-earned rest over the festive season, so to keep you amused over the break we are pleased to unveil the inaugural the Bank Underground Christmas Quiz! The ten yuletide themed questions will test your knowledge of a variety of economics, finance and central banking related subjects…

Question 1 (International monetary system): Which of these central banks is the longest straight-line sleigh ride from the North Pole?

a) The Reserve Bank of Australiab) The Reserve Bank of New Zealandc) The Central Bank of Chiled) The South African Reserve Bank

Question 2 (Banking) In which year did Abbey change its name to Santander?

a) 2007b) 2008c) 2009d) 2010

Question 3 (Economic statistics) Since 2000, which of these manufacturing sectors has, on average, seen the largest fall in (non-seasonally adjusted) production between November and December?

Question 7 (Financial markets) How many stock markets in the BRICs countries (Brazil, Russia, India, China) will be open on 25th December?

a) 1b) 2c) 3d) 4

Question 8 (Overseas banks) In the film It’s a Wonderful Life, what happens to Bailey Building and Loan Association on Christmas Eve?

a) Its owner is visited by a guardian angelb) It is hit by a bank run and goes bustc) It is hit by a bank run but secures emergency credit at the discount windowd) It is subject to a hostile takeover bid from Gringott’s

Question 9 (Microeconomics) Joel Waldfogel’s 1983 paper in the American Economic Review on the deadweight loss of Christmas found that, on average, gift recipients valued their presents at less than their cash value. What was the upper bound of this valuation gap?

a) A tenthb) A fifthc) A thirdd) A half

Question 10 (Monetary history) According to a Homer and Sylla’s, A History of Interest Rates, what was the legal maximum rate on loans in the Roman provinces of Asia in the first century AD?

Bank Underground is a blog for Bank of England staff to share views that challenge – or support – prevailing policy orthodoxies. The views expressed here are those of the authors, and are not necessarily those of the Bank of England or its policy committees.

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